Join24Rex – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Join24Rex - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://join24rex.com
Founded: 2024
Regulations: Not Licensed
Languages: English, Russian
Deposit Methods: Cryptocurrencies
Minimum Deposit: $150
Free Demo Account: Not Available
Number of Assets: No Information
Types of Assets: Stocks, Cryptocurrencies, Indices, Forex, Commodities
Trading Accounts and Conditions
Join24Rex offers their clients multiple types of trading accounts:
- Beginner: The minimum deposit is $150. The leverage is 1:100. The order execution method is instant execution.
- Experienced: The minimum deposit is $1,000. The leverage is 1:100. The order execution method is instant execution.
- Professional: The minimum deposit is $10,000. The leverage stays at 1:100. The order execution method is instant execution.
The broker does not mention their spreads in the Account Types section, but on their trading platform, the minimum spread starts at 0.1 pips. The commissions being charged are not mentioned. Other trading conditions are not even mentioned.
Join24Rex – Advantages
There are no advantages to trading with Join24Rex.
Join24Rex – Disadvantages
Here is the list of disadvantages that clearly prove that Join24Rex is a scammer and that dealing with them would be dangerous:
-
Anonymous and Unregulated Broker
The first red flag we have uncovered is the fact that Join24Rex is an anonymous and unregulated broker. Here is the proof.
This broker does not mention which company owns and operates their website. We do have a generic address given but no contact information. The broker tries to get away with generalities – that they are based in the UK, that they are regulated by independent regulators and financial markets commissions. The broker is careful not to be too specific about which regulators these are.
However, these claims are just lies. To operate in the UK, brokers are required to be authorized by the Financial Conduct Authority, or the FCA. This is the financial regulator of the United Kingdom. Without their authorization, no forex broker may operate legally in the country.
To see if a broker is regulated by the FCA is a simple task. Their online register is available for everyone to access on their website. All you need to do is search for the broker you want to check on and the information is available.
We checked the FCA’s register and found that Join24Rex is not listed with the regulator. And this means that we are dealing with an anonymously operating unregulated broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Blacklisted by Bank of Russia
Since Join24Rex’s website is first in Russian and then you can choose the English option, it is clear that this broker is targeting Russian traders first. So, we checked the Bank of Russia’s online database to see if this broker is listed with the Russian financial regulator. The answer is no.
No only is Join24Rex not listed with the Bank of Russia, the Bank has actually blacklisted this broker for operating illegally in the country without sanctions from the regulator and has issued an official warning against them too.
According to the warning, Join24Rex is a scammer and that dealing with this broker is dangerous.
When a regulated blacklists a broker, it is only after there have been a substantial number of complaints against the broker. Complaints especially dealing with being scammed. So, if a broker has been flagged off, it is proof that they are scammers.
-
Poor Trading Platform
Another sign that things are not right with a broker is if the quality of their trading platform is not up to the mark.
The trading platform, in conjunction with their trading conditions, is a broker’s only product offering. The platform is where the traders carry out their trades, and the trading conditions are the terms of use by the broker to use their platform.
With Join24Rex, you do not get a quality trading platform at all. What you get is a simplistic, basic trading interface that is web-based and has hardly any functionality.
In fact, this is exactly the trading platform that we have seen again and again on other scammers’ websites.
-
Incomplete Trading Conditions
As we mentioned, the trading platform and the trading conditions together are the offering a broker has. One is incomplete without the other.
We have already established the fact that this broker’s trading platform is sub-par. Now we have proof that even their trading conditions are questionable.
Join24Rex has 3 account types. While the minimum deposit for the basic account is within industry standards, the other accounts are overpriced. Plus, the total cost of a trade, which is the combination of spreads and commissions are not specified; we are only told the spreads, which are suspiciously low. The leverage is simple omitted, so we do not know the risk levels available to traders with this broker.
Other trading conditions are simply avoided altogether.
All of this tells us that we cannot trust this scammer.
-
Issues with Payments
On their website, Join24Rex claims to offer their clients multiple payment options – Bitcoin, MasterCard, Visa Card, QIWI Wallet, PaySolution, USDT, QIWI Direct and so on.
It sounds quite good since this allows traders to choose the payment option that they are most comfortable with.
However, when we checked their payments section, the only option that worked was the cryptocurrency option.
This means that there is only a single payment option available to you. This is a huge red flag. First is the lie about the multiple payment options. The second is the fact that crypto transactions are all designed to be permanent and anonymous. This means that you cannot trace your money and neither can you get it back. Which is why crypto payments are scammers’ favorite option.
If a broker offers only cryptos as a payment option, it is almost guaranteed that that broker is a scammer.
Conclusion
Join24Rex is unfortunately just another scammer that is out to take advantage of novice traders who do not know how the forex industry works. This broker must be avoided to protect your funds.
Join24Rex
Pros
- None
Cons
- Anonymous and Unregulated Broker
- Blacklisted by Bank of Russia
- Poor Trading Platform
- Incomplete Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more